Egypt’s Automobile Dealers Association is preparing to hold an expanded meeting at the beginning of next week, to discuss the overpricing phenomenon that is currently afflicting the country’s vehicle market.
Among discussions on several other issues facing the sector, the association will also look into finding solutions to the issue of overpricing on vehicles.
Osama Aboul Magd, head of the Automobile Dealers Association, said that it will hold an expanded meeting with car dealers and distributors working in the local market, to discuss the shortage of cars in the market.
He added that, in the meeting, the association will discuss several topics, including overpricing, as it is feared that it will increase during the coming period. This has, in large part, been brought up due to the second wave of the novel coronavirus (COVID-19), which has already affected some major car-producing countries.
Aboul Magd said that overpricing on vehicles has become an important topic of discussion in the last six months, due to the decline in production at international companies. The reduction in manufacturing capacities has come about due to the global pandemic, which led to a halving in production of vehicles and parts.
He added that the association will also discuss the challenges of the supply shortage of some models of cars, on the back of the pandemic’s repercussions, and how to overcome this during the next period.